Given the Tampa Bay area's higher-than-average unemployment rates, look for office vacancy rates in the metro area to spike to 20.7 percent by the end of this year from 15.9 percent at the end of 2008. So says a national office report published by Marcus & Millichap Real Estate Investment Services. Tampa Bay ranked 33rd (improving two spots from 35th last year) of 43 metro areas nationally. "Accelerated job reductions in the financial services sector will elevate vacancy in Tampa in 2009, pushing down rents and property revenues," the report said. Also:
• Total employment is expected to decrease by 3.3 percent, or 42,000 workers, in 2009, following a reduction of 34,700 jobs in 2008.
• A loss of 10,000 financial services positions will contribute to the elimination of 24,000 office-using jobs, a 5.9 percent decline.
• One million square feet of office space is scheduled to be completed this year, marking a 2.5 percent addition to stock. In 2008, developers finished 620,000 square feet.
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